Instructions Determine the cost of the land and the cost of the building as they should be recorded on the books of Martin Buber Co. Assume that the land survey was for the building. E10.3 (LO 1) Excel (Acquisition Costs of Trucks) Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. Truck 11 has a list price of $15,000 and is acquired for a cash payment of $13,900. 2. Truck #2 has a list price of $16,000 and is acquired for a down payment of $2,000 cash and a zerointerest-bearing note with a face amount of $14,000. The note is due April 1, 2021. Clarkson would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. 3. Truck #3 has a list price of $16,000. It is acquired in exchange for a computer system that Clarkson carries in inventory. The computer system cost $12,000 and is normally sold by Clarkson for $15,200. Clarkson uses a perpetual inventory system. 4. Truck 14 has a list price of $14,000. It is acquired in exchange for 1,000 shares of common stock in Clarkson Corporation. The stock has a par value per share of $10 and a market price of $13 per share. Instructions Prepare the appropriate journal entries for the above transactions for Clarkson Corporation. E10.4 (LO 1) (Purchase and Self-Constructed Cost of Assets) Worf Co, both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were reconded in random order during the calendar year 2020. Instructions Prepare the appropriate journal entries for the above transactions for Clarkson Corporation. E10.4 (LO 1) (Purchase and Self-Constructed Cost of Assets) Worf Co, both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were reconded in random order during the calendar year 2020
